X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SANTA ROSA, CA-A private investor based in Marin County has acquired the 180-unit Vineyard Gardens Apartments from a locally based private investment group for $23 million, according to Arroyo & Coates, which negotiated the sale. The complex is a 20-year-old property that includes apartments of one and two bedrooms ranging from 559 sf to 926 sf at 240 Burt St.

The Vineyard Gardens was built in 1988 and was originally called the Redwood Manor. The complex, which occupies a site of nearly nine acres, was partially renovated in 2007 and is well-located, according to the Arroyo & Coates brokers, who had the disposition assignment and also represented the buyer. Jamie Clifford and David Silver of Arroyo & Coates represented the seller, with Tim Scherer of Arroyo & Coates, representing the buyer.

The Vineyard Gardens complex attracted multiple offers from institutional as well as private bidders, according to Arroyo & Coates. The complex was 95% occupied at the time of the sale and is partially renovated. That offers the new owner potential for upside through additional renovations, according to Arroyo & Coates. In addition to the apartments the complex includes a play area, a pool, a recreation room, garage buildings and surface parking areas.

Recent market reports describe the Santa Rosa apartment market as one that features favorable long-term fundamentals, in part because of the high cost of for-sale housing in the area. In addition, barriers to entry for new development are high in Sonoma County and relatively little new competitive product is expected to be delivered soon.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.